K.V.

New Delhi : Nov 12, 2012: India must focus on the supply side of reforms, capital spending and creating assets, Dr.K.

V.New Delhi 12 Nov : India should be focusing on supply, through reforms and capital investment, to build assets.Dr.K.V.Subramanian, Chief Economic Adviser, Government of India.Subramanian is Chief Economic Advisor, Government of India.Subramanian, Chief Economics Adviser, Government of India.

He was speaking about the three decades of 1991 economic reforms at the 3rd Global Finance Conclave organised by the Jindal School of Banking & Finance (JSBF) on Friday.At the Jindal School of Banking & Finances 3rd Global Finance Conclave (JSBF), he spoke about three decades of economic reforms in 1991.

He spoke at Fridays Global Finance Conclave, organised by Jindal School of Banking & Finance (JSBF), about the three decades of economic reforms that took place in 1991.Elaborating on how the economy has grown since 1991, Subramanian pointed out how the country handled the demand and supply line impact during the Covid-19 crisis.

Subramanian elaborated on the economic growth since 1991 and highlighted how the country managed the supply-demand impact of the Covid-19 crisis.Subramanian explained how the economy has grown over the past 21 years and how it dealt with the Covid-19 crises.

"Recognising that the Covid pandemic requires social distancing and lockdowns, it was obvious that not only would there be a demand side impact, but disruptions of the supply line chains too.Recognizing that the Covid pandemic demands social distancing, lockdowns and prison reforms, it became clear that there would be both a demand side effect as well disruptions to the supply chain chains.It was clear from the outset that Covid would have a major impact on the demand and supply chains.

While demand can actually be pushed up faster, it takes at least eight to 10 months for supply to increase.Although demand can be increased faster than supply, the increase in supply takes between eight and 10 months.

Demand can rise faster but it takes eight to ten months before supply increases."What India has done during this crisis, and I hope this will become an important macro-economic template that other countries and policymakers should study in terms of the policy response, is that India actually focused on the supply side - whether it is through the reforms or the capital expenditure," he added.

He said that Indias response to the crisis was crucial and that it should be a model for other countries."What India did during the crisis and this I hope will be an important macroeconomic template for other countries and policymakers in terms of policy responses, was that India focused on the supply-side - through reforms and capital expenditure," he said.

He further said: "If you have an aggregate supply line not changing -- you only have increasing demand.He added that if the aggregate supply line is not changing, you will only see increasing demand.

Further, he stated that "if you have an average supply line not changing you only have growing demand." In macroeconomic terms, it means there will be a path to growth but inflation will go up as well.

It means that there will be growth, but also inflation.This means, in macroeconomic terms it will mean that growth will continue but that inflation will rise.

When inflation goes up, monetary policy has to try and unwind that demand.Monetary policy must attempt to unwind the demand that results from rising inflation.

Inflation is a problem that monetary policy needs to address.What you have then is the increase in demand that the fiscal policy did and the monetary policy tries to unwind it.The fiscal policy caused an increase in demand, which monetary policy attempts to reverse.You have the demand increase that fiscal policy created and the monetary policies tries to counter it.So, you come back to square one, that push to growth that you got is a temporary one because monetary policy and fiscal policy work at cross purposes."You are back at square one.The push for growth you get is temporary because fiscal and monetary policies work in tandem.Its back to square 1.The temporary boost to growth you received is because the monetary and fiscal policies are interrelated.The theme for the conclave is "Indias Growth Story from 1991 To 2021, And Beyond" to commemorate 30 years of the transformative 1991 reforms and to understand the challenges that need to be addressed as we slowly come out of a pandemic.

Conclave theme is "Indias Growth Story From 1991 to 2021, and Beyond".This conclave will commemorate the 30 year anniversary of Indias transformative reforms in 1991.

It also aims to identify the problems that must be solved as we emerge slowly from a pandemic.For 30 years, Indias Growth Story (1991-2021) and Beyond will be the theme of this conclave.

This is to remember the transformational 1991 reforms as well as to discuss the issues that we face in our slow recovery from the pandemic.The Presidential address was by Dr.Shankar Acharya, Former Chief Economic Adviser and author of An Economist at Home and Abroad.Former Chief Economic Advisor and author of A Economist at home and abroad, Dr.Shankar Acharya delivered the Presidential Address.Dr.Shankar Acharya (ex-chief economic adviser and author of "An Economist At Home and Abroad") delivered the presidential address."The once-in-century pandemic has had a major impact on the Indian economy.

The once-in-a-century pandemic had an enormous impact on Indias economy.Indian economies have suffered from a once in a century pandemic.

All indices like the GDP, unemployment, female participation in the labour force, fiscal deficit and debt were impacted.Every indices such as the GDP, unemployment rate, gender participation, debt and fiscal deficit were affected.

All indicators, including the GDP and unemployment as well as female participation in labour force, fiscal deficit, debt, and the GDP were all affected.Lockdowns became a common policy during this time.

Lockdowns were a popular policy at this point.Lockdowns quickly became the norm during this period.

This led to income/consumption losses creating a high vulnerability among the poorer sections of India.The result was a loss of income and consumption, which created a vulnerability in the most vulnerable sections of India.

These losses in income and consumption created high vulnerability for the less privileged sections of India.There will, however, be economic recovery even though there is still a high level of uncertainty due to the pandemic.

Even though the pandemic is still in full swing, there will be an economic recovery.However, economic recovery will occur, even though theres still high levels of uncertainty from the pandemic.

"The biggest impact has been on anon-agricultural informal sector.The non-agricultural informal sectors have had the greatest impact.

"The non-agricultural informal sector has had the biggest impacts.There have been significant policy initiatives over the last two years and they are a step in the right direction.

These policy initiatives have made significant progress in recent years.The last two years have seen significant policy changes, and these are steps in the right direction.

If the effects of Covid-19 and other constraints on our medium term growth performance outweigh the reform intention, then it may lead to a period of modest growth over the next five years," he said.He said that if the effect of Covid-19 or other limitations on our medium-term growth performance exceeds the reform intent, it could lead to modest growth in the next five year.

""If the consequences of Covid-19, and other restrictions on our medium term performance in growth performance are greater than the reform intentions, then it might lead to a period with modest growth over five years," he stated.Professor (Dr.) C.Raj Kumar, Founding Vice-Chancellor of O.P.C.Raj Kumar (Founding Vice-Chancellor, O.P.C.Raj Kumar, the Founding Vice-Chancellor at O.P.Jindal Global University (JGU) in his inaugural address said: "The 1991 economic reforms created a new vision for India which not only impacted the economic sector and the society at large but it also created new opportunities for institution building.Jindal Global University, JGUs inaugural speech stated that the 1991 economic reforms created an entirely new vision of India.

This vision not only affected the economy and society as a whole but also opened up new possibilities for institutional building.Jindal Global Universitys (JGU), inaugural speech said that: "The 1991 Indian economic reforms created a vision for India, which not only had an impact on the economic sector but also made it possible to create new opportunities for institution-building.The idea of private higher education institutions with a view to improve the quality of education and promoting excellence is an outcome of the idea whose time had come.

It was the right time for the private higher education institution concept to be realized.This idea was realized when private higher education institutions were created with the goal of improving the quality and encouraging excellence.

"The reality was that though India has historically contributed to knowledge society globally, the contemporary evolution of Indian education at the dawn of Independence was limited.The reality is that, while India was a contributor to global knowledge societies in the past, its modern evolution was very limited at the time of independence.

It was clear that even though India is a nation of knowledge, it was not able to contribute much in modern times.We only had 20 universities and today we have over 1,000 universities and over 50,000 colleges.

There were only 20 universities in India, but today there are over 1000 universities and 50,000 colleges.Today, we are home to over 1,000 colleges and universities.We had only twenty universities.

We strongly believe that there are critical elements to improving the quality of governance to improve higher education.To improve higher education, we believe there are key elements that can be improved on the governance front.

For higher education to be more effective, there must be a better governance system."This includes commitment to internationalization, advancing research, interdisciplinary learning, high quality faculty and equitable access to education for all.The economic reforms of 1991 that were ushered in the country led to other forms of reforms that further shaped the socio-economic future of India.Indias socio-economic future was further affected by the 1991 economic reforms.

India was shaped by its socio-economic transformations in 1991, which led to many other reforms.Today, the National Education Policy 2020 has enormous implications with the potential of re-imagining the future of Indian universities, creating an intellectual, political and social consciousness and political impetus for the improvement of higher education," he added.

The National Education Policy 2020 today has huge implications.It can reimagine the future Indian universities and create an intellectual, social, and political consciousness as well as a political impetus to improve higher education," he said.

He said that the National Education Policy 2020 is a significant document with enormous potential."It has the potential to re-imagine Indian universities future, create intellectual, political, and social consciousness, and impetus political for improving higher education." Notable addresses were delivered by Dr.Amar Patnaik, and Dr Sasmit Patra, Members of Parliament, Rajya Sabha.Noteable addresses were given by Dr.Amar Patnaik and Dr Sasmit Ptra, Rajya Sabha Members.Remarkable addresses were made by Dr.Amar Patnaik (Members of Rajya Sabha) and Dr.Sasmit Patra (Members of Parliament).Other eminent speakers at the Conclave include Mr.Ajit Pai, Distinguished Expert, Economic & Finance, Niti Aayog, Dr.Ashok K.Lahiri, Former Chief Economic Adviser, Government of India and Dr.PTR Palanivel Thiagarajan, Minister for Finance and Human Resources Management, Government of Tamil Nadu and Dr.Mukulita Vijayawargiya, Whole-Time Member of the Insolvency and Bankruptcy Board of India (IBBI).The Conclave also featured other distinguished speakers such as Mr.Ajit Pa, Distinguished Expert Economic & Finance Niti Aayog and Dr.Ashok K.Lahiri.They were both former Chief Economic Adviser to the Government of India and Dr.PTR Palanivel Thiagarajan.These two are Ministers for Finance and Human Resources Management in Tamil Nadu and Whole-Time Members of the Insolvency and Bankruptcy Board of India.

Ajit Pai is a Distinguished Expert in Economic & Finance at Niti Aayog.Dr.Ashok.K.Lahiri was formerly Chief Economic Adviser of Government of India.Dr.PTR Palanivel Thiagarajan was Minister of Finance and Human Resources Management for Government of Tamil Nadu.Dr.Mukulita Vinayawargiya is a Whole-Time member of Insolvency and Bankruptcy Board of India.The Global Finance Conclave will host 55 speakers including the current Chief Economic Advisor to the Government of India, 2 former Chief Economic Advisors and noted economists, 1 Minister of Finance and Human Resource Management (TN), 2 Members of Parliament (Rajya Sabha), 3 Members of State Legislative Assemblies, 1 Senior Expert from the NITI Aayog along with academics, economists, bankers and lawyers.Global Finance Conclave hosts 55 speakers, including 2 former Chief Economics Advisors and notable economists.1 Minister of Finance and Human Resource Management, 2 Members of Parliament, 3 State Legislative Assemblies Members, and 1 Senior Expert of the NITIAayog.Global Finance Conclave will feature 55 speakers.

They include the Chief Economic Advisor of India and 2 other former Chief Economic advisors and noted economists.Dr.Ashish Bhardwaj, Professor & Dean, Jindal School of Business and Finance said, "The reforms of the 1990s changed the grammar of our country and the confidence of our people forever.

Ashish Bhardwaj is Professor and Dean of Jindal School of Business and Finance.He stated, "The 1990 reforms transformed the grammar of our nation and the confidence of all our citizens forever.

"Ashish Bhadraj, Professor and Dean of Jindal School of Business and Finance, stated that the reforms of 1990s have changed both the grammar of India and the trust of its citizens.Since the historic developments that happened 30 years, there is a need to reflect on the implications of Indias growth story from 1991 to 2021 and beyond.

We must reflect upon the impact of Indias historic growth stories from 1991 through 2021, and beyond.It is important to consider the consequences of India’s rapid growth from 1991 to 2021 after the 30 year-old events.

"Understanding where we came from and how we emerged, will help us understand where to go from here and how to get there.Understanding where and how we got here will allow us to understand the future and help us plan our journey.

"Understanding our origins and how they emerged will enable us to see where we are going and what we can do to make it happen.Answers to these tough questions will emerge from deliberations in the Conclave.

The Conclave will provide answers to the toughest questions.These difficult questions will be answered by the Conclaves deliberations.To a large extent, the fate of the world will depend on what India decides to do, how fast we do it, and how quickly we learn the lessons of the past," he added.

The fate of the entire world depends on Indias decision, its speed and our ability to learn from the mistakes of the past." he said.

He said that the fate of the planet will depend in large part on Indias decisions, their speed, and the way they learn from the mistakes made #Delhi #Chennai #Tamil #Kollywood.